GRAND CAYMAN, CAYMAN ISLANDS- Tethys Petroleum Limited (“Tethys” or the “Company”) (TSX:TPL)(LSE:TPL) announces the results of its Annual General and Special Meeting of Shareholders (“AGM”) held on May 31, 2016.
Results of Annual General and Special Meeting
All resolutions put to shareholders at the AGM were passed on a poll at the meeting.
Prior to the AGM, Resolution 9.4 was withdrawn from the formal business of the meeting as the conditions required for the proposed director, Vladimir Griguletsky, to be appointed the Board prior to the meeting had not been met.
Details of the voting on a poll on those resolutions voted on at the AGM including votes represented by proxies are as follows:
-----------------------------------------------------------------------------
Resolution For Against Withheld
-----------------------------------------------------------------------------
1. Reduction in Par Value 169,107,844 1,684,011 N/A
of Ordinary Shares and (99.01%) (0.99%)
Preferred Shares, Change in
Authorised Share Capital
and Amendment to the
Company's Articles of
Association
----------------------------------------------------------------------------
2. Approval to Issue Ordinary 106,450,130 1,576,161 N/A
Shares to Annuity and Life (98.54%) (1.46%)
Reassurance Ltd upon exercise
of ALR Warrants and/or
Conversion of ALR Debentures
-----------------------------------------------------------------------------
3. Approval to Issue 106,220,033 1,527,361 N/A
181,240,793 Ordinary Shares (98.58%) (1.42%)
to Olisol Petroleum Limited
-----------------------------------------------------------------------------
4. Approval to Issue up to 106,220,033 1,527,361 N/A
24,434,008 Ordinary Shares (98.58%) (1.42%)
to Olisol Upon Conversion
of US$1 Million Plus
Accrued but Unpaid
Interest Under the Amended
Facility Agreement
-----------------------------------------------------------------------------
5. Approval to Issue up to 106,220,033 1,527,361 N/A
43,962,996 Ordinary Shares (98.58%) (1.42%)
to Olisol Upon Conversion
of the Working Capital
Indebtedness
-----------------------------------------------------------------------------
6. Approval to Issue up to 106,168,233 1,579,161 N/A
50,000,000 Ordinary Shares (98.53%) (1.47%)
to Olisol for Future
Offering
-----------------------------------------------------------------------------
7. Approval to Issue Shares 106,171,233 1,576,161 N/A
to Olisol to Satisfy its (98.54%) (1.46%)
Pre-Emptive Rights
-----------------------------------------------------------------------------
8. Receipt of Financial Non-voting Non-voting Non-voting
Statements and Auditors resolution resolution resolution
Report
-----------------------------------------------------------------------------
9.1 The election of 165,107,862 5,683,993 N/A
Alexander Abramov (96.67%) (3.33%)
-----------------------------------------------------------------------------
9.2 The election of 164,763,645 6,028,210 N/A
William P. Wells (96.47%) (3.53%)
-----------------------------------------------------------------------------
9.3 The election of 168,925,384 1,866,471 N/A
Adeola Ogunsemi (98.91 %) (1.09%)
-----------------------------------------------------------------------------
10. Appointment of 171,005,959 N/A 2,023,200
Auditors (98.83%) (1.17 %)
-----------------------------------------------------------------------------
Cayman Islands Court Approval Requirement
The closing of the Olisol transaction is conditional on a few items, including the reduction in the par value of the Company’s ordinary shares. Following approval by special resolution of the Shareholders, pursuant to Section 14(1) of the Companies Law (2013 Revision), the reduction in the par value of the shares of the Company, and thereby the authorised share capital, requires confirmation by the Grand Court of the Cayman Islands. The Company will petition the court for approval of the special resolution and if approved, the order of the court and the minutes will be delivered to the Registrar of Companies for registration, the resolution for reducing the par value and authorised share capital will take effect on registration. It is noted that the confirmation of the Grand Court of the Cayman Islands may be subject to certain consents being obtained and the satisfaction of certain publication requirements.
Chairman’s Quote
Alexander Abramov said: “I am pleased to be able to report that all resolutions put to shareholders at today’s AGM were passed with votes in favour of all resolutions above 96% of the votes cast. I look forward to working with the new board and management of the Company and to completing the transactions with Olisol which the shareholders have now endorsed.”
About Tethys Petroleum
Tethys Petroleum’s aim is to become the leading independent E&P Company in Central Asia, by exercising capital discipline, by generating cash flow from existing discoveries and by maturing large exploration prospects within our highly attractive frontier acreage.
CONTACT INFORMATION:
Tethys Petroleum
info@tethyspetroleum.com
www.tethyspetroleum.com